Extravagant Purchases by CBN Officials
In a time of widespread economic challenges, the Governor of the Central Bank of Nigeria (CBN), Yemi Cardoso, along with his four deputies, has come under fire for purchasing ultra-modern armoured vehicles. A report reveals that Cardoso procured six armoured Lexus LX 600 2023 models at costs exceeding N10 billion, highlighting a significant expenditure by the nation’s monetary authorities.
Details of the Vehicle Acquisition
According to sources within the CBN, each deputy governor received one of the armoured SUVs, while Cardoso took two for his use in Lagos and Abuja. This lavish spending occurs even though the officials already possess armoured vehicles in their convoys, raising questions about the necessity of these new acquisitions.
Luxury Beyond Vehicles
Beyond the armoured vehicles, the CBN’s spending spree extends to purchasing about 20 latest-model Toyota Camrys for other management and board members, each costing N85 million. Additionally, Cardoso and his deputies have reportedly increased their annual housing allowances to nearly 1 billion naira, despite residing in official residences in Abuja’s upscale Maitama district.
Upgraded Travel Privileges
The report also accuses CBN officials of upgrading their international travel arrangements from business to first class, with a single ticket from Abuja to New York now costing approximately $15,000. Moreover, their foreign travel allowances have inflated, allegedly allowing officials to pocket $7,000 per night during overseas trips.
Public Outcry and Government Spending
These revelations come amidst other controversial government expenditures, such as the undisclosed costs of new presidential jets and a 21 billion naira renovation of the Vice President’s residence. Such spending has sparked public debate over governmental priorities during a period of financial constraint for many Nigerians.
Awaiting Official Responses
As the public and political commentators call for accountability, the CBN has yet to respond to these allegations. This situation places additional pressure on the institution to justify its expenditures and perhaps reassess its fiscal policies in light of the national economic environment.
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